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by Mike Caswell

RBC Dominion Securities Inc. says that it fired former vice-president Rocky Lone because he was dishonest, did not follow the rules and jeopardized the firm's reputation. Among other things, he placed clients into unsuitable investments and engaged in discretionary trading, RBC claims. The firm also contends that Mr. Lone failed to disclose a $692,613 debt to the Canada Revenue Agency.

RBC is responding to a wrongful dismissal lawsuit that Mr. Lone filed in the Supreme Court of British Columbia on March 24, 2016. Mr. Lone complained that RBC fired him from his 15-year job for no good reason. He said that he had built up a $220-million book of business that included many individuals with high net wealth.

In its response to the suit, filed on May 13, 2016, RBC says that it had plenty of reason to fire Mr. Lone. It points to several violations of its policies and those of the Investment Industry Regulatory Organization of Canada. Those violations resulted in some of his clients asking for new advisers or leaving RBC altogether, the response states.

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